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jjthomewood
Level 2

Can I edit the balance of an incorrectly entered long term liability? It was not entered as a negative and now reflects incorrect amount.

 
4 Comments 4
Joseph_A
QuickBooks Team

Can I edit the balance of an incorrectly entered long term liability? It was not entered as a negative and now reflects incorrect amount.

I'm glad to see you here in Community, @jjthomewood.

 

Yes, If the opening balance for one of your accounts is wrong, you can edit it through the View register for the account.

 

To edit an incorrect balance, here's how;

  1. Go to the Gear icon then Charts of Accounts.
  2. Look for the account, then click View register.
  3. Find the opening balance entry, select the amount then edit the amount.
  4. Click Save once done.

To edit an opening balance when reconciling an account in QuickBooks Online with your bank or credit card statement, Refer to this article: Fix an opening balance to match a bank statement.

 

The Community is always open for you. Feel free to ask if you have additional questions. Take care.

jjthomewood
Level 2

Can I edit the balance of an incorrectly entered long term liability? It was not entered as a negative and now reflects incorrect amount.

Thank you Joseph_A! That worked!

MI141
Level 1

Can I edit the balance of an incorrectly entered long term liability? It was not entered as a negative and now reflects incorrect amount.

When I tried to correct my opening balance for a long term liability, a message popped up stating "The transaction you are editing has been reconciled. Saving your changes could put you out of balance the next time you try and reconcile. Are you sure you want to proceed?

So my question is Do I? I have not closed the month this debt accrued. Has anyone else had to do this? I do not want this liability to be the 160 thousand that was loaded as, I need it to be the 130 thousand that it is.

Would appreciate any help someone could provide.

Thank you!

Rubielyn_J
QuickBooks Team

Can I edit the balance of an incorrectly entered long term liability? It was not entered as a negative and now reflects incorrect amount.

Let me help you fix your opening balance, @MI141.

 

Here's how you can edit an amount on a reconciled transaction. 

  1. Choose the transaction to expand the view.
  2. Click Edit to open the form.
  3. Adjust the total or change the account as needed.
  4. Select Save and close.

For more information, please check out this article: Fix an opening balance to match a bank statement

 

I also suggest consulting an accountant to guide you in making the changes. They can also help and guide you so you can properly reconcile your account. This is to ensure your book is balanced and accurate.

 

Once you know your opening balance is correct, you can start reconciling.

 

Let me know if you have other concerns. I'll be happy to help you out. Have a nice day ahead.

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